Automotive Sensor Market is estimated to grow considerably through 2032 owing to its wide adoption in automobiles to ensure optimum safety and efficiency. Rising demand for automobiles owing to increased disposable income coupled with several schemes and policies initiated by the government will positively favor the industry outlook. For instance, in September 2021, the Government of India issued a notification regarding a PLI scheme for auto components and automobiles worth US$ 3.49 billion to enhance domestic manufacturing, investments, and export of telecom and networking products.
Overall, the automotive sensor industry is segmented in terms of product, vehicle, propulsion, application, and region.
Based on the product, the current sensor segment is slated to grow considerably during 2023–2032. Product benefits such as high accuracy, linearity, a wide frequency bandwidth, and the ability to reduce current consumption from milliamps to microamps enhance its adoption across vivid applications.
By vehicle, the HCV (Heavy Commercial Vehicle) segment will register noticeable gains through 2032. The growth will be credited to the budding automotive sensors demand for advanced safety and efficient performance in interior & exterior systems, suspension systems, chassis, and powertrain systems. Moreover, mounting sales and production of HCVs worldwide would add to the market prospects. According to sources, the United States recorded more than 12 million HCV sales between 2005-2021.
Considering the propulsion type, the diesel segment held 5% market share in 2022. Automotive sensors help the drivers detect faulty components, control them automatically and maintain the engine properly with the devices. Besides, mass airflow sensors are used in diesel engines to compute the maximum injection amount and regulate the exhaust gas recirculation rate.
In terms of application, the powertrain segment was valued at over USD 10 billion in 2022. The segmental expansion is anticipated to come from the constant initiatives undertaken by the leading industry giants, including tech innovations. For instance, Stellantis recently announced that it would invest approximately $155 million in three Kokomo, Indiana, plants to develop new electric drive modules (EDM). The modules offer all-in-one solution for EV powertrains, delivering enhanced performance at competitive cost.
Regionally, the North American automotive sensor market is anticipated to grow tremendously through 2032. The regional growth will be due to increasing demand for automotive sensors services in industrial sectors such as healthcare, government, corporate offices, and universities. Surging inclination towards electrification in automobiles, stringent environmental regulations, and growing consumer demand for safety and comfort will positively influence the regional growth in the coming years.